In today’s digital world, we are sitting on zettabytes of digital data generated from various online, as well as offline activities. These data volumes will only grow exponentially, as the trend shows, doubling every two years through 2020 and beyond. Much of this data is private and sensitive; therefore, it requires protection, which in our digital age implies encryption.
The shift from traditional systems to digital platforms has led to a lot of new development across industries. Bitcoin is one such invention that has taken the financial sector by storm. Unlike traditional assets that are pegged against tangible resources, Bitcoin is made “out of thin air” (a popular claim by financial houses that can be contested). It’s magical internet money that is hardly regulated and not backed by real, physical assets. While cryptocurrency definitely has its advantages there are some drawbacks as well, which can make it highly risky if one’s not careful when dealing with it. Some of these drawbacks include;
Impossible to recover once stolen
Impossible to recover once access is lost
Partly or fully illegal in many jurisdictions
Traded by young online companies with no proven track records
Historically prone to hacks and heists
These challenges broadly apply to all cryptocurrencies. Therefore, crypto holdings need to be secured to continue their exponential rate of growth.
Read more here: https://www.newsbtc.com/2018/08/31/important-rules-for-protecting-and-storing-your-crypto-holdings/